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Giants save $1.55 million in Terrell Thomas’ Contract Renegotiation

Continuing their string of early offseason moves, the Giants and Safety Terrell Thomas agreed on a renegotiated contract that would give him a chance to battle back from injury and make the team in 2013. Thomas’ old contract called for a $6 million dollar option bonus to be paid in 2013, a bonus he had no chance of earning due to his injury history. Jenny Vrentas of the Newark Star Ledger shares the details of the new deal:

Thomas’ base salary is $630,000, the minimum for his experience level, which also includes a split of $358,000, i.e. a lesser value to be earned if he lands on injured reserve for a third straight year. Thomas received a $35,000 signing bonus and has a $35,000 workout bonus, and he can earn up to $500,000 in playing-time incentives — though it’s unclear what the triggers are for that money.

I can add that based on NFLPA records that the original backend of the contract was deleted as part of the renegotiation which makes Thomas a free agent in 2014. That also means that $500,000 of his original $1 million dollar signing bonus from 2012 will accelerate into the 2013 League Year. My estimates indicate that Thomas’ new cap charge will be $1.45 million, which represents a savings of $1.55 million on the Giants cap. The Giants currently have about $4.3 million of cap space based on a $121.1 million dollar cap and their individual carryover adjustment.